The accounting scandal of the Dax-listed company Wirecard before throwing the Green, but also the German Finance Minister, Olaf Scholz (SPD) failures. “It is not urgently required, that Mr. Scholz in the Case of Wirecard only explain what failings there have been in the Supervisory authorities, but also, why is the Treasury Department itself did not act earlier,” criticized the Green-chief Robert Habeck. He got the impression that Scholz and the management level of the Ministry of Finance have not dealt sufficiently with the case, said Habeck the German press Agency: “The warning lights lit up but a long time ago.”
The financial Supervisory authority, Bafin, under the Federal Ministry of Finance. “Because it does not have to have in the context of the service and specialist supervision but, at least, Demands and instructions of the management and of the Minister of Finance a given, anything else would be responsible,” says Habeck. Finally, the damage to Germany as a financial centre to fend off.
Wirecard had filed for insolvency after the company had to admit to that shown in the balance sheet cash of 1.9 billion euros, which were allegedly to Asian Bank accounts, were to be found. Bafin President Felix Hufeld had referred to the events as a “disgrace”. Scholz announced a stricter regulation. Hufeld will be this Wednesday in the Finance Committee of the Bundestag and answer questions. As a first consequence, the Federal government wants to terminate the contract with the German financial reporting enforcement panel (DPR). The privately organised Association DPR controlled in the state of order in the balance sheets.
The Bafin had been, according to its own presentation of the DPR in February 2019, with the note that there were inconsistencies in the half-year balance sheet 2018 of Wirecard. According to a report in the “Frankfurt General Sunday newspaper” should have been in the “balance police” referred to DPR, but with the help of elaborate tests in the past 16 months, Essentially only a single employee is responsible. The division of responsibilities between Bafin and the frep stand in the centre of the criticism from the EU Commission to Germany, in the case of Wirecard.
the Left group Vice-Fabio De Masi objected to the Bafin and the frep played “blind cow, while Wirecard created probably a criminal Ponzi scheme”. The DPR was not a “balance police”, but an “Alibi-event”. However, the Bafin have slept, despite numerous references””. FDP parliamentary group Deputy Michael Theurer spoke of a “full-blown scandal.” Who doesn’t get the appropriate equipment for the Supervisory authorities to be reasonable, a pity the whole of Germany as a location.
